The metaverse is beginning to be inhabited by both people and brands. Research in the United States shows that trademark applications in the metaverse and the number of applications for registration in NFT grew between 2021 and 2022.
Data compiled by one of the leading names in North American digital intellectual property, Mike Kondoudis, indicate that in 2022, NFT trademark applications increased by 177% to 5,800 registrations. On the other hand, trademark fillings related to the Metaverse has more than doubled in the period: from 1,800 in 2021 to 4,150 this year.
In addition, Kondoudis reported that the number of NFT applications increased even further – more than 5,800 in 2022 compared to 2,087 in 2021 – while the number of metaverse or web 3.0-related trademark registrations more than doubled: 1,866 in 2021 to 4,150 starting from August this year.
Trademarks in the Metaverse
The estimates that Web 3.0, the metaverse, and NFTs will move US$ 1 trillion per year get closer when you see big companies’ movement to take over the digital space.
This year alone, brands such as Formula 1, Mastercard, McDonald’s, and Gatorade have made brand registrations on virtual products in the metaverse. Luxury names are also keeping an eye on this sector. In early September, Hermés filed a trademark application to use its name in the metaverse and NFTs linked to the company.
Meta was another company that also filed for trademark protection, aiming to use it in crypto assets and NFTs.
The race to the trademark in Web 3.0
The popularity of metaverse platforms has created a space and risk for luxury brands. According to the World Trade Mark Review, many logo infringements are happening daily on OpenSea, one of the leading NFT marketplaces in the crypto market.
WTMR found digital goods using the Supreme trademark on OpenSea for as much as US$ 3 million. Trademark experts point out that to avoid being counterfeited in the digital environment, brands need to seek trademark support to register their correct use in the virtual space.